Nationwide, occupancy hit a new high in July 2015, surpassing the prior peak set two decades earlier. As demand continues to outpace new supply across the U.S., the upward trend is expected to continue through 2018.

As of September, more than 3,500 hotels—approximately 430,000 rooms—were in the planning or construction stages of development in the U.S.

For major hotel transactions (representing a price of $10 million or higher), 993 properties totaling 155,275 rooms were sold through the trailing-twelve-month period ending in June 2015. At approximately $250,000, the average price per room has reached an all-time high for these major transactions.

Market-specific highlights include the following:

Occupancy in Atlanta shot past the national average in 2013 and has climbed upward ever since. Atlanta’s occupancy is expected to stabilize at a level well above 70% through 2018.

Overall occupancy in Chicago has reached a record high, though the market is on the cusp of an unprecedented influx of new supply. Construction costs in Chicago have risen up to 15% over the past several years, favoring developers with liquidity and foreign investors.

More than 3,700 new rooms are expected to come online in Dallas over the next three years. RevPAR for Dallas hotels has risen consistently since 2009, and the climb is expected to continue through 2018.

Occupancy in Denver far exceeded that of the state of Colorado or the nation, rising above 75% in 2014.

Reduced energy-related hotel demand has brought down occupancy in Houston, though average rates continue to rise overall. Citywide demand is down by approximately 2%, though less diversified submarkets such as the Energy Corridor have been hit harder.

More than 4,500 guestrooms are planned for Downtown Los Angeles, with major initiatives underway to drive demand. The Downtown submarket achieved more than 8% RevPAR growth through July 2015 over the same period last year.

The Minneapolis-St. Paul metro area is predicted to realize record occupancy in 2015. The Super Bowl in 2018 and Final Four in 2019 will drive greater demand to the Twin Cities.

Occupancy in New Orleans is expected to stabilize through 2018, despite the introduction of new hotels. Hotel values in New Orleans rose nearly 50% in 2010, following a low in 2009, and overall values have gained ground every year since.

RevPAR for New York City hotels is expected to fully recover by January 2017. While the current influx of new supply has not hindered demand, rate potential is being affected by the introduction of new hotels.

San Francisco has experienced four consecutive years of double-digit RevPAR growth, and RevPAR is up 9.6% year-to-date. High sales prices and demand are stimulating new hotel development, despite challenges.

South Florida’s Miami-Dade, Broward, and Palm Beach County hotels are all on target for record -breaking years in terms of average rate and occupancy.

Vancouver, British Columbia is on pace to achieve a record overall RevPAR level in 2015. Strong demand and limited new supply in the Vancouver market has allowed hotel operators to push rates, resulting in 15% average rate growth through the first seven months of 2015.

RevPAR in the Downtown Toronto, Canada market is at a record peak given the low level of new supply as land prices skyrocket. Hotel owners are also taking advantage of the strong market, as trade volume is up 60% countrywide over 2014.

More insights from the HVS Market Connections series, including details on major recent hotel transactions, supply, and financing trends, will be provided in a forthcoming article.